FIRE SALE: 3 Discounted Canadian Stocks to Buy Right Now

These three Canadian stocks are on the cusp of a rebound. Now’s the time to be loading up on shares of these discounted picks.

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The S&P/TSX Composite Index is up just shy of 50% over the past five years. Close to half of those gains have come in 2021 alone. And now with the market trading at all-time highs, some investors may be waiting for a pullback to invest. 

If you’re in search of a sale, there’s no need to wait for a market downturn. There are plenty of high-quality Canadian stocks trading at discounts right now. Even though the market as a whole is riding an incredible bull run, there are still deals to be had. 

I’ve put together a list of three Canadian stocks trading at opportunistic discounts right now. I’m already a shareholder of two of the companies but I’ll be looking to add to my positions at these prices.

All three Canadian stocks on this list have been consistent market-beaters in the past and I don’t think it will be long before each pick is back to all-time highs.

Why I’m loading up on this tech stock right now

Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD) has had a rough go over the last few months. A short report released in September sent shares spiraling 30%. Just as the tech stock began rebounding, its second-quarter earnings release in early November led to another steep sell-off.

Losses for the company’s 2022 fiscal Q2 came in higher than expected for Lightspeed. As a long-term investor, though, I’m looking past these short-term losses. The Canadian stock is still largely in growth mode. Year-over-year revenue growth was up close to 200% and total customer locations nearly doubled from this time last year.

Even with shares down more than 40% from all-time highs, Lightspeed is far from a cheap stock. The tech company is valued at a price-to-sales ratio above 20. It’s not the most expensive stock on the TSX but I’d expect volatility to continue at these prices.

If you can handle the volatility, I’m betting there will be many more years of multi-bagger growth for Lightspeed. 

This Canadian stock won’t be trading at a discount for long

Another holding of mine trading at a discount is Brookfield Renewable Partners (TSX:BEP.UN)(NYSE:BEP). 

The renewable energy stock, like many of its peers, has trailed the market this year. Shares of the Canadian stock are up 135% over the past five years but are down nearly 15% this year.

The $13 billion company is a leader in the growing renewable energy space. With operations and customers spread across the globe, there aren’t many more well-diversified green energy stocks than this one.

On top of that, the Canadian stock owns an impressive dividend. At today’s price, the company’s annual dividend of $1.50 per share yields above 3% for its shareholders.

An under-the-radar Canadian stock that’s crushing the market

It may come as a surprise to hear that goeasy (TSX:GSY) has been a seven-bagger over the past five years. The Canadian stock is up 100% in 2021 alone. 

There haven’t been many dips to take advantage of over the past decade with this Canadian stock. And now that shares are down 10% from all-time highs, you may want to act fast and start a position.

What has goeasy on my watch list today is an expected surge in demand for the company’s products. It’s a consumer-facing loan provider to Canadians across the country whose customers can request loans for all kinds of purchases, including home, auto, and education. 

With a potential rise in consumer spending following this pandemic, goeasy could see a lift in revenue in the coming year.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Nicholas Dobroruka owns shares of Brookfield Renewable Partners and Lightspeed POS Inc. The Motley Fool recommends Lightspeed POS Inc.

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